Income Tax : Explore what’s taxable and non-taxable in salary, including allowances, perquisites and deductions. Learn key components and tax...
Income Tax : Perquisites and Profits in Lieu of Salary are important components of taxable income under the Income Tax Act of 1961. These refer...
Income Tax : Section 17 is amended to allow rule-based limits for perquisites, including employer-paid medical travel, effective April 1, 2026....
Income Tax : The Finance Bill 2025 proposes raising salary limits for perquisites like amenities and medical expenses, exempting some employees...
CA, CS, CMA : Learn how employer contributions over ₹7.5 lakhs are taxed under Section 17(2)(viia), including rules for taxable perquisites an...
Income Tax : Perquisites includes the value of any concession in the matter of rent respecting any accommodation provided to the assessee by hi...
Goods and Services Tax : Gifts up to a value of Rs 50,000/- per year by an employer to his employee are outside the ambit of GST. However, gifts of value m...
Income Tax : State Bank of India: Interest Rates on 1st April, 2011- For the purpose of computing perquisite valuation Interest rates as on 1st...
Income Tax : The salaried class, reeling under the inflationary pressures, has suffered yet another setback this holiday season with the announ...
Income Tax : THE much-awaited perquisite valuation rules have finally been notified by the CBDT. The Board has amended Rule 3 to give effect to...
Income Tax : ITAT Delhi dismisses Revenue's appeal against order of Commissioner of Income Tax (Appeals) regarding valuation of perquisites and...
Income Tax : CIT Vs Shankar Krishnan (Bombay High Court) Whether Notional Interest on Security Deposit paid by employer for accommodation of it...
Income Tax : Non-charging of interest on the loan amount given by lending company to its director could not be a perquisite as no remuneration ...
Income Tax : ITAT held that order of the ld CIT(A) is hereby affirmed where he has held the assessee bank to be assessee in default for short-d...
Income Tax : Rajesh Kumar vs. ACIT (ITAT Agra) Section 17(1) defines ‘salary’ and ‘perquisite’ separately for the purposes of sections ...
Income Tax : Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new...
Income Tax : Corrigendum for the Notification bearing G.S.R. No. 615 (E) dated 18.08.2023 i.e. Income Tax Notification No. 65/2023 dated 18th A...
Income Tax : CBDT has modified Income Tax Rules, 1962, to determine the value of perquisite for residential accommodation provided by employers...
Income Tax : CBDT issued Income Tax Circular No. 04/2022 on 15th March 2022 and explained all provisions related to deduction of Tax At Source ...
Income Tax : CBDT revises Form No. 12BA (Statement showing particulars of perquisites, other fringe benefits or amenities and profits in lieu o...
Explore what’s taxable and non-taxable in salary, including allowances, perquisites and deductions. Learn key components and tax exemptions under Income Tax Act.
Key updates on income tax deduction from salaries under Section 192 for FY 2024-25, including amendments, surcharge rates, and new tax regime details.
Perquisites and Profits in Lieu of Salary are important components of taxable income under the Income Tax Act of 1961. These refer to additional financial benefits, compensations, or payments that an employer provides to employees beyond their regular salary or wages. They are considered part of the employee’s income and are therefore subject to taxation.
Section 17 is amended to allow rule-based limits for perquisites, including employer-paid medical travel, effective April 1, 2026.
The Finance Bill 2025 proposes raising salary limits for perquisites like amenities and medical expenses, exempting some employees from additional taxation.
Learn how employer contributions over ₹7.5 lakhs are taxed under Section 17(2)(viia), including rules for taxable perquisites and accretions in PF, pension, and NPS.
Exempted perquisites for salaried taxpayers, including medical, food, phone facilities, gifts, and more under the Income Tax Act, 1961.
Learn how to compute the perquisite value of rent-free accommodation under Section 17 of the Income Tax Act, including recent rule changes and effective dates.
Treatment of income from different sources Each income has different source of earning and so the provisions for its taxability. Income-tax Act provides for five heads of incomes for computation of taxable income, viz., Salary, Income from House Property, Income from Business or Profession, Capital Gain and Residual Income. Provisions contained under each head of […]
Learn what constitutes salary, allowances, and perquisites under the Income-tax Act. Includes details on taxability of pensions, benefits, and standard deductions.
